MyEtherWallet Cryptocurrency Wallet Review

Pros & Cons Explained

Pros Explained

• Multiple features for Ethereum-based crypto assets: Users can store, send, and receive a wide range of Ethereum-based crypto assets.
• Access to decentralized applications (dApps): MEW users can interact with smart contracts and decentralized applications (dApps).
• Non-fungible token (NFTs) management: Users can manage non-fungible tokens (NFTs) within the wallet interface.
• Supports all Ethereum-compatible networks: The non-custodial wallet supports other Ethereum-compatible networks, such as Ethereum Classic, Binance Smart Chain, and Polygon.

Cons Explained

• No support for non-Ethereum altcoins: MEW web and mobile only support digital assets running on Ethereum and Ethereum-compatible blockchains.
• Susceptible to phishing: MEW users have been repeatedly targeted with phishing scams.

Features

As the wallet’s name suggests, MyEtherWallet (MEW) is an Ethereum wallet. The founders of MEW built the client-side interface to enable users to experience the Ethereum ecosystem. As such, MEW allows users to store, send, and receive ETH, ERC-20 tokens, and NFTs. 

MEW users can also swap tokens using the built-in swap function that allows the swapping of Ethereum-based tokens. Additionally, users can engage in cross-chain swaps to swap tokens across blockchains. For example, ETH holders can swap their tokens for Bitcoin (BTC). 

What’s more, MEW users can stake ETH and purchase and manage blockchain-based ENS domains by accessing the interface’s connected DApp ecosystem as well as more than 2,000 other DApps using the MEW mobile wallet. 

Moreover, MEW users can also interact with and deploy smart contracts, enabling advanced Ethereum users to build on the Ethereum blockchain. Additionally, MyEtherWallet users can sign and verify messages using MEW on the Ethereum blockchain. 

With MEW’s new multichain browser extension, called Enkrypt, MyEtherWallet users can also manage digital assets on a wide range of blockchains and layer-2 solutions including Polkadot, Polygon, and Optimism. The browser extension also enables MEW users to store, send, and receive Bitcoin. 

Users based in Europe can also sell cryptocurrency for euros and Swiss francs using MEW, thanks to its partnership with Switzerland-based exchange Bity.com.

Security

MyEtherWallet is a non-custodial, open-source Ethereum wallet. 

As a non-custodial wallet, users have complete control over their private keys, as well as over the funds they hold in MEW. The company does not store any funds on behalf of its customers. Additionally, the open-source code of MEW has been worked on and vetted to ensure the security and usability of the software. 

While MEW doesn’t provide two-factor authentication, it allows you to choose a 13th word in addition to the twelve-word mnemonic phrase to access and/or recover the wallet. Moreover, the company encourages users to connect a hardware wallet to MEW for increased security.

Having said that, MyEtherWallet users have been targeted by phishing campaigns for years as MEW has predominantly established itself as a web wallet, making it an easier target for phishing scams. MyEtherWallet was hacked in 2018, which led to a loss of funds for users. 

Privacy and Anonymity

MyEtherWallet is a free, open-source, client-side wallet, which means that anyone can download MEW and use it without having to deal with know your client (KYC) procedures or providing any personal information. 

Setup 

You can set up MyEtherWallet as a web-based interface or as a mobile wallet. 

Web

To use MyEtherWallet online, you need to access www.myetherwallet.com. Always check that you are using the official domain! 

There, you click on “Create A New Wallet.” Then, you have the choice between downloading the mobile app, buying a hardware wallet you can connect to MyEtherWallet, or you can create a web wallet.

To set up a web wallet, you can choose between logging onto your MEW wallet using a Keystore file you save on your computer or using a twelve-word mnemonic phrase. 

Using the mnemonic phrase, for example, you are required to write down the words and then type in three to verify your wallet creation. Finally, you are asked to log on with the twelve words of your mnemonic phrase. For additional security, you can also choose to add an extra word. 

Mobile

Alternatively, you could download MEW Wallet on your smartphone (available for Android and iOS). To set up MEW Wallet, look for it in your phone’s app store and download the mobile application.

Next, open the app. Unlike most mobile cryptocurrency wallets, MEW lets you immediately browse the wallet’s features and functionalities. To start using the full scope of the wallet, however, you will need to click on ‘Create Wallet’ on the ‘Create a free wallet’ page, where you are asked to choose a six-digit PIN. 

Once you have typed in your PIN and confirmed it, your Ethereum wallet will be generated. Next, you click on the button that says “Start using MEW Wallet.” Finally, you will be asked to backup your wallet. Click “Backup now,” and follow the prompts to note down and confirm your twelve-word recovery phrase.

Browser Extension

MEW’s new browser extension Enkrypt can be downloaded at www.enkrypt.com. Once you have added the browser extension to your internet browser, click on “Create new wallet” and type a password that you will need to access your Enkrypt wallet. Confirm your password and then write down the twelve-word recovery phrase for safe keeping. Finally, you will be asked to confirm that you have written down your recovery phrase by providing some of the words of your phrase. 

Usability

Users can use MEW on mobile, web, and connect it to a browser extension-based wallet to manage their Ethereum-based assets.

Web

The web interface is very user-friendly, making it easy to manage Ethereum assets for beginners. At the same time, the advanced features, such as the ability to deploy smart contracts and sign messages on the blockchain, also make the wallet suitable for advanced users.

Swapping one cryptocurrency for another is also made incredibly simple using the in-app swap feature. Moreover, buying BTC, ETH, BNB, and MATIC with a bank card only takes a few clicks, thanks to the wallet’s partnership with Simplex. 

Mobile

The mobile app version of MyEtherWallet comes with all the same bells and whistles as the web-based interface, enabling users to manage their Ethereum-based assets with just a few taps on their smartphone. 

Additionally, MEW Wallet users can connect to a wide range of DApps within the app’s interface and connect to DApps on computer devices using WEM Web. 

Browser Extension

Finally, you can also use MyEtherWallet’s multichain browser extension Enkrypt to access web3 applications in your internet browser. In addition to Ethereum, Enkrypto also supports a range of EVM-compitable and Substrate blockchains to provide a web3 wallet ready for a multichain future.

Customer Service

MyEtherWallet provides a help center with a long list of support articles, email support, and a chatbot on its website. 

Cost & Fees

MyEtherWallet is free to download and doesn’t charge any wallet fees. 

Users only have to pay blockchain fees, which are customizable in MEW so that users can decide how much they want to pay in gas fees. 

Final Verdict

MyEtherWallet is a multi-platform Ethereum wallet interface that allows you to manage your Ethereum-based assets and interact with Ethereum applications. 

The wallet’s user-friendly interface makes it easy to use for beginners while providing a breadth of features and functionalities that advanced users will enjoy.  

Methodology

Before you transact in and store cryptocurrencies, you should have a suitable crypto wallet in place. We conducted a comprehensive review process of the top cryptocurrency software wallets to help you determine the wallet that fits your needs.

Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.

Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.

Read our full methodology.

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